Launching a New Product

In this day and age, launching a new product is very different from how it used to be. You will also need to approach online blogs when launching a new product. It is no longer necessary to announce a press conference in order to pitch your product and its distinctive qualities to publications. If you want to market your product online, you need to plan and prepare a thorough strategy for success.

Preparing your product

Preparation is key. First of all, you should research similar companies and their marketing policy. You must know what your competitors offer and what they don’t in order to tailor your own product and made it attractive to the market. This will help you to make a comparison between your product and others in your promotion, highlighting your products superiority.

Prepare a press release for launching a new product stating the unique features of your product explicitly. This will draw the attention of your intended customers. Send this press release to your existing clientele or, if you are a new company, consider setting up a mailing list and inviting members of your target demographic to join. Provide updates about your product at regular intervals so that your customers do not forget about your product.

SEO

SEO, or Search Engine Optimization, boosts your presence on search engines such as Google. This makes your product more accessible and lures potential customers in. It is an essential step when launching a new product.

You have to drive your targeted customers to your website. The best way to do this is by placing keywords pertaining to your product throughout your site. Ensure that your descriptions are engaging. Your success depends on a convincing product description. If your customers find the description and promotion of your product unsatisfactory, they will leave the page and search for another product. Even with good SEO and key word placement, you need to captivate your audience from the first sentence onwards.

Another important aspect of SEO is something termed back links. This is the process of sharing a link to your website externally through services such as popular social network sites and blog aggregators. By posting a link to your website onto these sites, you are increasing your page ranking on Google.

Social Media

Social media marketing is another excellent way to promote your product Community driven sites like Facebook, Twitter and LinkedIn allow you to connect with your target demographic by creating a page for your product. You can also create a group to post about your product at regular intervals and keep your customers up to date. If your customers find your content engaging and informative, they will refer their own followers to your page.

Email marketing is another important strategy for launching a new product. You should analyze your existing network and connect with potential customers through your contact base. Send emails to your contacts regularly to inform them about your product. A free trial may be offered to selective contacts. You can also create an email mailout and promote it on your website, therefore adding new contacts to your database as they find your website.

Whatever your strategy and however effective your communication for launching a new product, the most important thing is to ensure good quality writing. This will compliment SEO and help you to gain a loyal following.

New Product Scorecard For Effective Development And Launch

A product is considered new if it entirely opens up a new market, replaces an existing product or significantly broadens the market for the said existing product. Old products may be considered new when introduced to a new market, newly packaged or is marketed in a different approach.

Some new product sources include academic institutions, acquisition, competition, customers, external investors and internal product development. Development and launch of new products can be very expensive and risky. In fact it is generally said to be riskier than market development or penetration. A way to make sure that the money used in developing new products does not go to waste or to reduce flops in new product launches is to adopt the new product development process.

This process constitutes generation of ideas, selection of new ideas, development and testing of concepts, business analysis, marketing strategy and many others. Planning and measuring of the new product’s success may be done against how it performs at various stages of the product life cycle – that is if the company uses this control method over the products’ progress. Important stages to consider when it comes to new product launch are the introduction, growth and maturity. The company, however, can choose other indicators as well.

For instance, indicators such as revenue from new product sales, cash flow and profit margin will indicate the performance of a new product from the financial standpoint. New products, however, are usually subject to loss at the introductory stage due to inadequate demand, research and development costs, high fixed costs and others. This must be taken into account when establishing objectives and gauging results.

Also, market share growth serves as a positive success indicator although this may not apply to all products or markets. For instance, there are some niche products or a specific product that is new and needs to open its own market.

Internal perspective indicators constitute indicators that show how the processes within the company affect the new product’s success in terms of development and launch. These indicators are budget and schedule compliance, new product development evaluation, marketing mix and occurrence of shortages or excess of new products and resources. Going beyond the budget or schedule or regular shortages show that something could be wrong in the company’s operations, which may lead to failure in new product development and launch.

Moreover, frequent evaluation of the new product development process and the marketing mix quality can help boost company expertise as well as identify changes or modifications that can be established to improve product performance as well as the company’s performance overall.

The next set of indicators shows how new product launch can affect the situation in the company. Additionally, customer perspective indicators include repurchase rate, number of complaints and customer awareness of new products. Development and production of new products usually require new skills, which could be through training. Employee participation in new product development is also similarly important as well. In addition, evaluation and analysis of every launch is essential in order to achieve company expertise in launching new products.

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